Tag: GBPAUD Analysis

These are a few of the currency pairs I’m currently trading

Forex Market

Hey, how is your trading going?

It’s been kind of difficult to trade the majors in the last few weeks hasn’t it?

Luckily for us, we have plenty of instruments (crosses) to choose from, and some of them have been trading in a ver clear market condition.

And believe me, the most important aspect of trading, even before the entry system, is whether or not you are trading the “right” currency pair.

What do I mean by the “right” currency pair.

Look, you could have perfect timing, but if you chose the wrong currency pair, the market will move against you.

AUDCAD analysis, GBPAUD Analysis

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3 trade opportunities you dont want to miss

Forex Currencies

Hey we have plenty of fundamental announcements coming up this week. Just to name a few:

Monday (yesterday): AUD interest rate

Wednesday: JPY interest rate

Thursday: GBP and EUR interest rate

Friday: USD Non-farm payrolls, CAD unemployment report

Pretty busy isn’t it?

You know how I handle them, I’ve wrote about it a few weeks ago, what I can say is that I’m just going to trade what I see on the charts, I’m not going to get biased on what I think the market will do based on fundamental announcements, etc.

Do you agree with me?

AUDUSD Analysis, CADCHF Analysis, forex, GBPAUD Analysis

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Following up on the new entry system

As I’ve been telling you, what I like the most about this entry system is the simplicity in which we get our entry signals.

And with a system like this, black and white, we tend to trade with more discipline, because there is no doubt about the signal: it is or it isn’t a signal, there is no: it could be, but…

Like the GBPAUD right now, I was waiting for the GBPAUD to break an important level, once it broke it, I waited for the signal:

GBPAUD

Forex entry system, GBPAUD Analysis

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Take a look at this price action system

One of the main problems every trader runs through is: where to open a trade. So I’ve been working in this system, which tells us in a very simple way, where to get in the market.

There are plenty of reasons why I don’t like to take trading decisions based on technical indicators: like all of them have a lagging factor, etc. But the most important one is this one:

At the end every single indicator is based on price itself, so why would I base my trading on something (like a technical indicator) that represents a distorted view of price itself? It makes no sense (at least to me).

Anyway, let me show you this chart:

Price Action

 

GBPAUD Analysis, price action

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My favorite currency pair (and should be yours too)

Ok, not necessarily yours, you like what you like… but at least you should consider it. Here is the evidence.

It’s not that I marry one currency pair and just trade it without looking at others… no no no, it doesn’t work like that. I do my homework, every morning and try to decide which currency pairs have:

  • The clearest market condition
  • The most profit potential

An in the last months, one currency pair has been as clear as water and what I mean by that is that I’ve been able to determine which way to trade it the moment I look at it.

And this currency pair is…

forex, GBPAUD Analysis

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GBPAUD short and long term analysis

I’ve always been trying to tell you, it doesn’t matter what you trade, just make sure you are trading the right currency pair.

Some traders only focus on a few pairs, some even only trade the EURUSD… big mistake, because sometimes the EURUSD is not tradable (aka not clear market condition). So be careful alright?

This is the type of analysis that I like to do before deciding to trade any pair…

Last week I did analyze the GBPAUD, it was just being rejected from an important support level. Now we are certain that the market was rejected from that level:

forex, GBPAUD Analysis

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3 pairs I’ll monitor this week

I’m curious about the currency pairs that you are monitoring this week…

I know most of you like to trade the majors, but I don’t see a clear condition on any of them.

These are 3 pairs I’ll monitor this week (at least at the beginning of the week):

GBPAUD – As I wrote last week, this one is probably the clearest of them all, take a look at the daily chart, it was clearly bounced from the main support level. I’ll be looking for long opportunities.

AUDCHF Analysis, CADJPY Analysis, forex, GBPAUD Analysis

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Did I do something wrong with my trade on the GBPAUD?

Yesterday I decided to move my stop loss from 1.5297 to 1.5177 (to lock in +390 pips).

Here is the chart:

And as you can see on the chart, I got stopped out earlier today.

It wasn’t a pleasant experience earlier today, when I saw the market hit my SL and then reverse back in the intended direction.

It would be at +540 right now…

Here is my conclusion:

forex, GBPAUD Analysis

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